The Ethereum Foundation has sold another 100 ETH, bringing its total cryptocurrency sales this year to over $10 million, according to blockchain analytics firm Lookonchain.
On Monday, Lookonchain reported that the Foundation “sold 100 ETH ($263,000)” and has offloaded 3,766 ETH ($10.46 million) in 2023.
This comes after Ethereum researcher Justin Drake mentioned that the Foundation plans to release a financial report soon, following concerns within the community about its spending practices.
In August, Lookonchain also reported that the Foundation transferred 35,000 ETH (worth $94.07 million at the time) to the Kraken exchange, adding to scrutiny around these large movements.
Ethereum co-founder Vitalik Buterin addressed the spending strategy on a subreddit, explaining that the Foundation aims to spend 15% of its remaining funds each year, ensuring its longevity but reducing its size relative to the Ethereum ecosystem over time.
The Foundation reportedly spends around $100 million annually, holds approximately $650 million in its main Ethereum wallet, and is estimated to have a 10-year financial runway, depending on ETH’s price. Ether, the second-largest cryptocurrency by market capitalization, is currently trading at $2,617.55.
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